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Creating the Right Atmosphere - Rental Properties
Creating the right atmosphere in a rental property is one of the most important aspects of the rental game. There are any number of sub-standard rentals available in almost any city, but with questionable properties come some particular problems. If a property is run-down then likely it will be renting for a lower price in terms of the local market. This will, in turn make it available to a lower income bracket. That in itself is not a problem, everyone needs good housing, but lower income tenants are not as permanent as those in the higher income bracket. You may find yourself having to get new tenants fairly often and this can be a time consuming procedure.
Regardless of what price you decide to rent your property for, you still need to make the place nice and livable right? Of course. Nobody, regardless of income or social standing wants to live in a dump. Renters want nice, clean homes just like anyone else. The first thing that any landlord should do is try to identify their target market. If the property is close to a college then aim for the student crowd, likewise with a property that is close to the city center; try to market to the young business crowd. In marketing to a more refined group, you can easily add some perks that will make the home more attractive. Perhaps offer a high-speed internet connection or bundle it with cable television. This is of course assuming that it is not the stated responsibility of the tenant to see to these utilities.
Perhaps the most simple and appreciated thing that you can do to make the rental more attractive is to have the property clean and in perfect working order. Take the time to ensure that all of the appliances work as they should and that there are no sanitary issues regarding the rental. Beyond that, simply upgrade anything that needs replacing and make sure that the property is carefully marketed. Its always a good idea to require and check references for tenants. After all you need to ensure the safety of your property and the security of your investment.
Before - Before a property is rented out there should be routine maintenance done on it. Make sure that the place is clean and clear of mess. Take the time to ensure that all appliances work and have no malfunctions. In order to make the property more appealing, paint the walls. This will give the property a clean slate so to speak and will also give you a memorable starting point for the property against which to gauge and damage that may occur in the future. Also, take some pictures, digital or otherwise of the rental. Make sure to get shots of every room from every angle. In the event that some damage does occur you will want to have these pictures for reference.
During - While the property is rented the best thing you can do is to be vigilant and timely in fulfilling the requests of the tenant (within reason of course). As a landlord you are entitled to do spot inspections of the property but keep in mind that you must give the tenants appropriate notice before entering the home. Make the commitment to respond to requests from your renters in a timely manner. If you are attentive then chances are you will be a popular landlord. Many renters have run afoul of landlords that simply don't seem to care and never get around to fixing things that break or taking care of problems. Having a negligent landlord makes it more difficult for renters to take pride in the property.
After - After a renter moves out the name of the game is making sure that there was no damage done to the property and getting it ready for the next tenants. This is a good time to compare the home to the pictures you took before to see if there are any discrepancies. If the damages exceed the amount of the damage deposit then you have the right to get the additional amount from the renters. Protecting your investment is an important thing so be sure you are ready to do so if necessary.
By: Michael Peterson
